Monday, November 30, 2009

Nov. 30 (Bloomberg) -- Derek Jeter became the first member of the New York Yankees to be named Sportsman of the Year in the annual selection by Sports Illustrated.

Jeter, who helped the Yankees to their 27th World Series title this month, is the 56th honoree by the magazine and will be featured in Sports Illustrated’s Dec. 7 edition.

The 35-year-old shortstop finished third last week in voting for the American League Most Valuable Player Award after batting .334 and scoring 107 runs, leading the Yankees to their fifth championship during his 14-season career.

On Sept. 11, he passed Lou Gehrig’s franchise record for hits, and batted .344 with three home runs and six runs batted in during the playoffs, which culminated with the Yankees beating the defending champion Philadelphia Phillies in six games to claim the World Series.

The last solo baseball player to win the award was Cal Ripken Jr. in 1995. Mark McGwire and Sammy Sosa were co-winners in 1998, Randy Johnson and Curt Schilling shared the honor in 2001, and the Boston Red Sox won as a team in 2004.

Others to win the award since Sports Illustrated began publishing in 1954 include Roger Bannister, who was the first winner after breaking the four-minute mile barrier; Muhammad Ali (1974); Sandy Koufax (1965); Michael Jordan (1991); Tiger Woods (1996 and 2000, the only two-time winner); and last year’s winner, Michael Phelps.

To contact the reporter on this story: Mason Levinson in New York at mlevinson@bloomberg.net.Last Updated: November 30, 2009 11:01 EST

NEW YORK (AP) -- Shares of American International Group Inc. tumbled nearly 15 percent Monday after an analyst stirred concerns that the troubled insurer doesn't have enough reserves to pay some potential claims.

AIG shares dropped $4.90, or 14.7 percent, to finish at $28.40 -- their lowest close since August 19. The shares have more than quadrupled from a low of $6.60 in March.

Sanford Bernstein analyst Todd Bault said AIG is facing an $11 billion shortfall to cover potential claims in its property and casualty insurance business, according to media reports Monday. Bault declined to share the research note.

Covering that shortfall could cause problems for the New York-based insurer as it tries to repay a government bailout package it received to help stay in business.

Separately, the Financial Times reported AIG may soon get a bid for a part of its aircraft leasing unit from a group that includes the head of that business.

A spokeswoman for AIG, which is based in New York, declined to comment on either report.

AIG is trying to sell assets and raise capital to help repay the government, which bailed it out last year with a loan package worth more than $180 billion. In return, the government received an 80 percent stake in AIG. As of Sept. 30, AIG owed the government about $85.66 billion in loans as part of the broader bailout package.

The Financial Times said AIG could be a step closer to selling a portion of the aircraft leasing business, International Lease Finance Corp., to a group of private investors and the unit's chief executive, Steven Udvar-Hazy. The sale of a piece of ILFC, among AIG's profitable units, could help relieve some of its debt burden.

AIG's aircraft leasing unit generated operating income of $365 million during the third quarter, a 19 percent jump from the same quarter a year earlier and a 9 percent increase from the previous quarter.

The prospective buyers would acquire about half of ILFC's business, which buys airplanes and then leases them to major airlines, for more than $2 billion, according to the Financial Times.

AIG has posted two straight quarters of profits as credit and stock markets improved in recent months. Including the government's portion of the profit, AIG earned $455 million during its most recent quarter.

The Government of Dubai has refused to honour the debt obligations of its largest company, prompting fears that international creditors could be wiped out.

Dubai World, the state-owned conglomerate, was effectively abandoned to its fate by the Emirate's Government yesterday despite previous assumptions that Dubai would stand behind the company. That has raised the likelihood that lenders to Dubai World, which has liabilities of $60 billion, could lose billions of dollars.

Dubai World will be restructured and some of its assets, which include Turnberry golf course in Scotland and the former cruise ship QE2, are likely to be sold to pay down debt.

However, there is uncertainty over the robustness of creditor protection under Dubai law and lenders are understood to be concerned that they will get little or none of their money back.Related Links

Analysts at RBC Capital Markets said: “The bottom line is that creditors have almost no legal legs to stand on to maximise recovery values.”

Royal Bank of Scotland (RBS), the bank bailed out with £53.5 billion of British taxpayer money, has been the largest loan arranger for Dubai World in the past two years, securing $2.3 billion of financing. Much of that debt will have been syndicated to other banks but RBS could lose more than £100 million as a result of Dubai’s actions. RBS declined to comment yesterday.

Dubai revealed last week that it would seek a standstill on debt repayments for Dubai World, a sprawling company that includes property developers, investment funds and a ports operation. Dubai had previously included Dubai World’s debts within its own total sovereign debt of $80 billion but it has said it has no obligation to the company’s lenders.

Abdulrahman al-Saleh, director-general of Dubai’s Department of Finance, said: “Creditors need to take part of the responsibility for their decision to lend to the companies. They think Dubai World is part of the Government, which is not true.”

That has sparked anger among some creditors, who believe that Dubai had given an implicit guarantee that its companies were state-backed.

In a move seen as adding insult to injury, the Government has ringfenced DP World, the profitable ports division of Dubai World, in a move designed to protect it from international creditors.

One Abu Dhabi-based legal source said: “Looking at the list of assets, DP World stands out as the jewel in the crown. That is why they are desperately trying to ringfence it, but where else are they going to find the money for these creditors?”

The turmoil in Dubai led to carnage on regional stock markets yesterday, with $9 billion wiped off their value. The Dubai Financial Market closed down 7.3 per cent and the Abu Dhabi Securities Exchange was down 8.3 per cent. Yesterday was the first day of trading after the Eid religious holiday and since Dubai announced the debt standstill.

Potential Dubai losses continued to hang over the UK banking sector yesterday, which helped to push the FTSE 100 down 55.05 points to 5,190.68.

Although Dubai’s potential debt default is not large in global terms, the state’s difficulties have raised the prospect that other countries might struggle with their growing deficits. Analysts at Deutsche Bank said: “The situation in Dubai may be a controllable event, but it reminds us how much governments are potentially on the hook for all over the world.”

The crisis at Dubai World was prompted by the need to repay a $3.5 billion Islamic bond held by Nakheel, the property developer behind the Palm Jumeirah islands, in two weeks.

Nakheel said yesterday that it was suspending trading in all three of its Islamic bonds.

However, Dubai World did make a small repayment on a $2 billion Islamic bond owed by the Jebel Ali Free Zone Authority yesterday.

By cutting Dubai World loose, Dubai has effectively reduced its sovereign debt from $80 billion to about $20 billion. As a result, the cost of insuring against a default on that debt fell yesterday. Credit default swaps, the premium paid to insure against default, fell from $645,000 per $10 million of debt on Friday to $570,000.

Friday, November 27, 2009

In my last post about the holiday, I thought we might rent a drunk or two next year -- for that "Genuine Thanksgiving Family Experience" -- I'd best hold off on that idea. It might get too real.

JUPITER, Fla. – A Florida man opened fire on his family after Thanksgiving dinner, killing his pregnant sister, 6-year-old cousin and two other relatives before speeding off and initiating a statewide manhunt, police said Friday.

Police were searching for Paul Michael Merhige, 35, of Miami. He also is accused of gunning down his pregnant sister's twin and his 79-year-old aunt. Jupiter Police Sgt. Scott Pascarella said there had been an "ongoing resentment" in the family, but did not elaborate.

"What led to this incident, we're not quite sure," Pascarella said. "It did not appear there was any altercation prior to this shooting."

Pascarella said Merhige left briefly before returning to the gathering with a handgun.

Seventeen relatives had gathered in Jupiter, a small beach town about 90 miles north of Miami best known as a home to celebrities including Michael Jordan and Burt Reynolds.

Police spokeswoman Sally Collins-Ortiz said the city had never experienced a slaying with so many victims.

The department enlisted the U.S. Marshals in the search for Merhige, who police said had no known criminal past. He was believed to be driving a royal blue 2007 Toyota Camry with a rear spoiler and Florida license plate W42 7JT.

Pascarella said police first received a 911 call from a neighbor, then another from someone inside the home. The residence, in a well-kept new subdivision with brick-paved driveways, is owned by local TV videojournalist Jim Sitton and his wife. On Friday, it was surrounded by yellow crime scene tape and police crime unit vans.

Sitton's daughter Makayla was the young victim. Police said she had gone to bed before the rampage.

"God packed a lot of sweetness into that little body," Sitton said. "She's just our life. I don't know how we are ever going to recover."

Sitton told local media that his daughter was supposed to perform Friday in a holiday production of "The Nutcracker." The Florida Classical Ballet Theatre performed two shows Friday and artistic director Colleen Smith acknowledged the loss.

"Makayla was part of our family, and as one of the youngest dancers, she was to be one of Mother Ginger's Children," Smith said. "She was a beautiful, dear girl. She was a beam."

The other victims were Merhige's twin sisters, Carla Merhige and Lisa Knight, and an aunt, Raymonde Joseph. A fifth victim, Merhige's brother-in-law Patrick Knight, was in critical but stable condition at a local hospital. Another man, Clifford Gebara, 52, was grazed by a bullet.

Neighbors in the Palm Beach County community were shocked as police processed the home.

"Our kids walk the streets by themselves," said Nicole Kemp, 67, who did not know any of the victims. "I thought it was the safest place to live. I guess it doesn't matter, if there's a maniac here."

Carla Merhige was a real estate agent in Miami, said a co-worker.

"She was a wonderful agent," said Joanna Sherman, a manager at Coldwell Banker Residential real estate. "She was very active in the community and in charities. She was just a genuine, beautiful individual. She always had a smile for everybody."

Thanksgiving's come and gone. Today is called "Black Friday" in the retail trades -- I hope it isn't also another black friday financially.

there seems to be a lot of surprise over the possible Dubai default -- I wonder why?

If I recall correctly they were writing a lot about the problems in Dubai about a year ago - people stuck there, lack of jobs, etc., etc., etc.

Oil is finite, as is the willingness to bail out those who forget reality.

Anyway, aside from the possible nasty realities, we did have a very nice peaceful Thanksgiving holiday. Neither of us cooked -- we reheated, having bought a preroasted turkey, ready made stuffing, mashed potatoes, creamed spinach, spiced apples, and pumpkin pie. It was the most "traditional" Thanksgiving dinner we've ever had. It was also quite good -- considering the ease of "preparation" -- thaw, heat, microwave. We also had ready made gravy.

This was the very first time I've ever done that.

I will do it again.

We even had the constant drone of football in the background. The only thing lacking was a drunk or two -- probably could have hired a couple of those for that final touch of reality.

Saturday, November 21, 2009

Time to examine the possibility of buying/owning a useful weapon for personal, and home, defense.

I'm speaking about purchasing a LEGAL firearm, learning how to use it SAFELY, and practising its use at a local range.

It seems a lot of folks are armed to the teeth these days. Ammo is still in short supply, and very expensive. Someone, in addition to the military, is buying it up as soon as it hits the market.

If things do happen to explode (and I hope they do not), it will be important to be able to defend yourself and your loved ones.

This is especially important for minorities who might well be scapegoated (IE: LGBT folks, Mexicans, etc.)

This is not about offensive action. Nor do I suggest reckless or illegal use of any weapon -- this is purely about last ditch self defense, giving yourself a chance to live, and perhaps fight another day.

Hopefully the true spirit of America will prevail -- but, there's an awful lot of loose talk making the rounds these days. It's time to take precautions.

Friday, November 20, 2009

Please follow the link to get all the details. States are cutting services -- at a time when more services are needed. Folks are beginning to protest.

An interesting bumper sticker I saw recently promoted the "Tea Parties" while using the imagery of the left wing they claim to HATE. A black ground, with a red star, and white lettering. I've never thought of red and black as a part of the ultra right wing.

Perhaps our corporate overlords understand the rage they have caused with their policies and are attempting to divert it against those who stand for the people.

I think the anger is so great that they might just lose control of the movement they are building -- at least let's hope so, otherwise I see the possibility of real Fascism in our future.

Let us hope the Obama Administration can escape from the power of Wall Street.

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College students in California are protesting a 32% increase in tuition. Students are occupying buildings in protest.

*California is Occupied*Days of Action Against the Tuition Hikes*Students and Workers Resist Privatization at UCLA Regents Meeting*UCB Wheeler Occupation UPDATES*Occupy Everything! Photos from UC Berkeley*Student protest at UCLA grows*UC Students Fight Back Against Administration’s War on Public Education*UC students occupy buildings to protest fee hike*More than 50 protesters arrested at UC Davis*California students arrested amid protest over fee increase

Yep, I'm so happy we are in the midst of a "recovery". Just think how your Holidays would be if we were still in a recession -- job losses, growing unemployment, loss of confidence. So happy Wall Street is going well.

Doesn't it seem we are now in the midst of the continued "Bush Economy" -- only the Republicans can now claim it's not theirs?

So, this is the "Change We Can Believe In"?

In any case, I'm still willing to give the new administration more time -- they inherited a holy (unholy) mess.

Of late there have been some main street media news articles about commercial real estate (CRE). The economics blogs have been active describing the ongoing debacle for quite a while. Here's another little heads-up about the CRE market:

NEW YORK CITY-Prices nationwide have fallen 42.9% from their October 2007 peak, according to the latest Moody’s/REAL Commercial Property Price Index report issued Thursday, while Real Capital Analytics says total transaction volume for 2009 will be the lowest of the decade. The November Moody’s/REAL report, which covers transactions through Sept. 30, notes that monthly price declines appear to be leveling off, although September’s index represented a 3.9% value decline compared to August.

According to the CPPI report, which is prepared for Moody’s by Real Estate Analytics using RCA data, the four months between June and September saw prices fall by an average 3.2%. That compares with a 4.6% decline in values for the previous four-month period.

"Further price declines are almost certain over the short term," says Nick Levidy, Moody’s managing director, in a statement. "However, it is notable that the pace of deterioration appears to be moderating."

Similarly, the report points out that transaction volume has been hovering "just below 400" per month throughout ’09, compared to a monthly average of 1,000 sales last year. In September, the number of deals dipped slightly to 363 while the dollar volume rose slightly to $5.1 billion.

"The relatively tight range of transaction volume we’ve seen over the past year may mean that we have reached our bottom in terms of sales per month," Levidy writes in the new report. "However, we may see the market bouncing around this bottom for some time before a significant uptick in overall volume is recorded."

Included in the Moody’s/REAL report is the quarterly National Property Type Indices, which noted an improvement in the third quarter compared to the second for all sectors except office. The 12.2% drop in values for office in Q3 puts the peak-to-trough decline for the sector at 36.2%. In the report’s Top Ten MSAs indices, office prices dropped 19.3%, making office the only sector to experience larger value declines in the top 10 markets than nationally.

Apartment prices, which declined 10.9% in Q3, dropped off less than they had in the previous two quarters. The peak-to-trough decline for apartments is 39.5%. Industrial’s 8.1% decline was considerably less than the record-setting 20.4% drop the sector experienced in Q2, while retail property values showed a minor 2.5% gain after seven consecutive quarters of flat or negative price growth, the report states.

RCA said Friday that total transaction volume this year for the four major sectors and hotels will total just $49 billion, less than half of the 2008 tally and below even the $80 billion recorded in 2001. "While astonishingly low and an excellent illustration of the vast frustration over the still-stagnant credit markets and the interrelated murkiness of the outlook for operating fundamentals and asset pricing for performing and troubled properties alike, the 2009 total represents a modestly improving investment picture," according to RCA’s latest issue of US Capital Trends.

Across most sectors, asset sales "have moved unequivocally off of their lows from earlier in the year," according to RCA. "Throughout the fall, sales have been gaining ground month-to-month, as investors gain confidence on pricing for select assets, and some sellers--and lenders--seek to cut their losses.

Commerce Bank of Southwest Florida, Fort Myers, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of Commerce Bank of Southwest Florida.

The sole branch of Commerce Bank of Southwest Florida will reopen on Monday as a branch of Central Bank. Depositors of Commerce Bank of Southwest Florida will automatically become depositors of Central Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until Central Bank can fully integrate the deposit records of Commerce Bank of Southwest Florida.

This evening and over the weekend, depositors of Commerce Bank of Southwest Florida can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of August 28, 2009, Commerce Bank of Southwest Florida had total assets of $79.7 million and total deposits of approximately $76.7 million. Central Bank did not pay a premium to assume all of the deposits of Commerce Bank of Southwest Florida. In addition to assuming all of the deposits of the failed bank, Central Bank agreed to purchase essentially all of the assets.

The FDIC and Central Bank entered into a loss-share transaction on approximately $61 million of Commerce Bank of Southwest Florida's assets. Central Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-913-5370. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/commercesw-fl.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $23.6 million. Central Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Commerce Bank of Southwest Florida is the 124th FDIC-insured institution to fail in the nation this year, and the twelfth in Florida. The last FDIC-insured institution closed in the state was Orion Bank, Naples, on November 13, 2009.

Pacific Coast National Bank, San Clemente, California, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sunwest Bank, Tustin, California, to assume all of the deposits of Pacific Coast National Bank.

The two branches of Pacific Coast National Bank will reopen on Monday as branches of Sunwest Bank. Depositors of Pacific Coast National Bank will automatically become depositors of Sunwest Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Sunwest Bank can fully integrate the deposit records of Pacific Coast National Bank.

This evening and over the weekend, depositors of Pacific Coast National Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of August 31, 2009, Pacific Coast National Bank had total assets of $134.4 million and total deposits of approximately $130.9 million. Sunwest Bank did not pay a premium to assume all of the deposits of Pacific Coast National Bank. In addition to assuming all of the deposits of the failed bank, Sunwest Bank agreed to purchase essentially all of the assets.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-913-3067. The phone number will be operational this evening until 9:00 p.m., Pacific Standard Time (PST); on Saturday from 9:00 a.m. to 6:00 p.m., PST; on Sunday from noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/pacificcoastnatl.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $27.4 million. Sunwest Bank's acquisition of all the deposits was the "least costly" resolution for the DIF compared to alternatives. Pacific Coast National Bank is the 123rd FDIC-insured institution to fail in the nation this year, and the fifteenth in California. The last FDIC-insured institution closed in the state was United Commercial Bank, San Francisco, on November 6, 2009.

Century Bank, Federal Savings Bank, Sarasota, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with IBERIABANK, Lafayette, Louisiana, to assume all of the deposits of Century Bank, FSB.

The eleven branches of Century Bank, FSB will reopen during normal business hours as branches of IBERIABANK. Depositors of Century Bank, FSB will automatically become depositors of IBERIABANK. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until IBERIABANK can fully integrate the deposit records of Century Bank, FSB.

This evening and over the weekend, depositors of Century Bank, FSB can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of October 31, 2009, Century Bank, FSB had total assets of $728 million and total deposits of approximately $631 million. The FDIC accepted a 1.5 percent discount on the deposits of the failed bank from IBERIABANK. In addition to assuming all of the deposits of the failed bank, IBERIABANK agreed to purchase $706 million of the failed bank's assets. The FDIC retained the remaining assets for later disposition.

The FDIC and IBERIABANK entered into a loss-share transaction on approximately $656 million of Century Bank, FSB's assets. IBERIABANK will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-613-0378. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/centuryfsb.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $344 million. IBERIABANK'S acquisition of all the deposits was the "least costly" resolution for the DIF compared to alternatives. Century Bank, FSB is the 121st FDIC-insured institution to fail in the nation this year, and the tenth in Florida. The last FDIC-insured institution closed in the state was Flagship National Bank, Bradenton, on November 6, 2009.

Orion Bank, Naples, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with IBERIABANK, Lafayette, Louisiana, to assume all of the deposits of Orion Bank.

The 23 branches of Orion Bank will reopen during normal business hours as branches of IBERIABANK. Depositors of Orion Bank will automatically become depositors of IBERIABANK. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until IBERIABANK can fully integrate the deposit records of Orion Bank.

This evening and over the weekend, depositors of Orion Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of October 31, 2009, Orion Bank had total assets of $2.7 billion and total deposits of approximately $2.1 billion. The FDIC accepted a 1.5 percent discount from IBERIABANK on the deposits of the failed bank. In addition to assuming all of the deposits of the failed bank, IBERIABANK agreed to purchase $2.4 billion of the failed bank's assets. The FDIC retained the remaining assets for later disposition.

The FDIC and IBERIABANK entered into a loss-share transaction on approximately $1.9 billion of Orion Bank's assets. IBERIABANK will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-331-6306. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/orion-fl.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $615 million. IBERIABANK's acquisition of all the deposits was the "least costly" resolution for the DIF compared to alternatives. Orion Bank is the 122nd FDIC-insured institution to fail in the nation this year, and the eleventh in Florida. The last FDIC-insured institution closed in the state was Century Bank, Sarasota, FL, earlier today.

Thursday, November 12, 2009

Instead of calling it a bill FOR something called "health care" -- why not brand it a bill AGAINST sickness/illness/disease/etc.

Calling it a "War On Illness", like the "War On Drugs" might allow more "conservatives" to support it. After all, it's a "war" AGAINST something.

Don't "conservatives" relish that sort of thing? Doesn't that make it more acceptable?

There has to be a way to present better health care for all as a way to help the "poor downtrodden white male", and "punish" (bring back "traditional values") minorities.

Since we can't get people to vote for their self-interest. Since they would rather "cut off their nose to spite their face", perhaps we can take a page from the tea-party bunch and just plain lie to them -- very loud, and very angry, in true "conservative" fashion.

Facts do not seem to work -- take a page from the Republicans -- deal in half truths, quarter truths, and just plain lies -- give them what they seem to want.

Wednesday, November 11, 2009

Of course we have to protect the rights of Heterosexuals from ............from WHAT?

3 lay ministers among 5 charged with sex crimesEmail this Story

Nov 11, 4:37 PM (ET)

LEXINGTON, Mo. (AP) - Five members of a family, including three lay ministers, are charged in Missouri with sex crimes against children.

The five men arrested Tuesday are charged with several felonies, including forcible sodomy, rape with a child less than 12 years old and use of a child in a sexual performance. Allegations include bestiality and forcing an 11-year-old to have an abortion.

Authorities say one of the victims came forward with the allegations in mid-August. The 26-year-old woman is related to the suspects.

A spokeswoman for the Independence-based Community of Christ says three of the suspects are lay ministers but are not in positions of leadership or involved with youth.

Authorities are searching property outside Bates City that is owned by the family.

LEXINGTON, Mo. (AP) - Five members of a family are charged in Missouri with sex crimes against children.

The five men arrested Tuesday are charged with several felonies, including forcible sodomy, rape with a child less than 12 years old and use of a child in a sexual performance. Allegations include bestiality and forcing an 11-year-old to have an abortion.

Authorities are searching property outside Bates City that is owned by the family.

Lafayette County Sheriff Kerrick Alumbaugh said Wednesday that authorities believe there may be a body or bodies buried on the land.

The sheriff is asking for the public's help in the investigation, saying that "there may be other victims out there."

Tuesday, November 10, 2009

Right now, LGBT people are being murdered at an accelerated rate -- especially if you include all the various "T" folks.

Rights are being limited.

Even rights enacted by legislative action.

Now, even the cry of "activist judges/courts" is shown to be a lie.

How are these actions different from the KKK? How are they different, in intent, from the Nuremberg Laws? How long before all "out" LGBT folks are forced to wear some identifying garment or symbol, to "protect" the general population?

Is it becoming a fight for survival, instead of equal rights?

The very fact a majority of folks are very willing, even it appears, happy to strike down equal rights granted to a significant minority truly frightens me.

I read somewhere that a majority actually support "gay marriage" (this in Ca.) -- they just don't want to vote on it.

How neat is that?

"I didn't want them lined up and shot -- I just didn't want to be bothered voting on it -- oh well, I guess its 'my bad'." seems to be about where some folks are on this issue.

Others seem to "tolerate" LGBT folks because that's the current consensus -- if it appears to them that it's no longer the case, how much will violence against various LGBT folks spike? Will they be cheered on from various pulpits around the USA?

Monday, November 9, 2009

First, "gay marriage" was voted down in another state. It seems equal rights are subject to the whims of the majority.

Don't like certain people -- vote away their rights. See how simple that is!

Having the ability to vote on whether some citizens are more equal than others is rather stupid. The American Experiment was based on the concept of "majority rule, minority rights". To reject the equal citizenship of any minority that's not breaking the law on RELIGIOUS grounds is anti-American. We are a secular republic, based on freedom OF and FROM religion.

Banning "gay marriage" because YOUR Bible doesn't seem to like it is DUMB. Banning "gay marriage" because you think the sex is "icky" is even dumber.

It seems an awful lot of American "citizens" have no idea what it means to be either American or a citizen.

Next is the mish-mosh of a health care bill -- especially the parts that make being a woman a condition that leads to second class citizen status.

The Stupak Amendment is another example of misogyny that's an integral part of American society.

If you are against abortion -- don't have one. If you think being a woman is "optional", or a "choice" (like smoking) and therefore calls for higher health insurance premiums, convince your wife, sister, or mother to change that "choice".

All in all, men are among the most privileged, illogical, stupid, folks around. Their misogyny blinds them to the world.

United Commercial Bank, San Francisco, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with East West Bank, Pasadena, California, to assume all of the deposits of United Commercial Bank. This agreement included all U.S. branches of United Commercial Bank, the Hong Kong branch of United Commercial Bank, and the subsidiary of United Commercial Bank headquartered in Shanghai, China, United Commercial Bank (UCB-China).

The 63 U.S. branches of United Commercial Bank will reopen during their normal business hours beginning tomorrow as branches of East West Bank. All locations in Hong Kong and China will reopen on Monday, according to normal business hours. In addition, UCB-China, the Shanghai, China, subsidiary of United Commercial Bank, which was also part of today’s transaction, will continue its regular banking operations without interruption with the full support of its parent company, East West Bank, whose qualification has already passed the preliminary review by the China Banking Regulatory Commission.

Depositors of United Commercial Bank will automatically become depositors of East West Bank. Domestic deposits will continue to be insured by the FDIC, and the Hong Kong deposits will continue to be covered by the Hong Kong Deposit Protection Scheme and the full deposit guarantee currently in force in Hong Kong. The FDIC continues to be in close cooperation with the Chinese banking regulatory authority regarding regular operations of UCB-China.

Customers should continue to use their existing branch until they receive notice from East West Bank that it has completed systems changes to allow other East West Bank branches to process their accounts as well.

This evening and over the weekend, depositors of United Commercial Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of October 23, 2009, United Commercial Bank had total assets of $11.2 billion and total deposits of approximately $7.5 billion. East West Bank paid the FDIC a premium of 1.1 percent for the right to assume all of the deposits of United Commercial Bank. In addition to assuming all of the deposits of the failed bank, East West Bank agreed to purchase approximately $10.2 billion in assets of the failed bank. As part of the purchase and assumption agreement, the FDIC transferred to East West Bank all qualified financial contracts to which United Commercial Bank was a party and those contracts remain in full force and effect.

The FDIC and East West Bank entered into a loss-share transaction on approximately $7.7 billion of United Commercial Bank's assets. East West Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

U.S. customers who have questions about today's transaction can call the FDIC toll-free at 1-800-238-8209. The phone number will be operational this evening until 9:00 p.m., Pacific Standard Time (PST); on Saturday from 9:00 a.m. to 6:00 p.m., PST; on Sunday from noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/ucb.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.4 billion. East West Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. United Commercial Bank is the 120th FDIC-insured institution to fail in the nation this year, and the 14th in California. The last FDIC-insured institution closed in the state was Pacific National Bank, San Francisco, which closed on October 30, 2009.

Gateway Bank of St. Louis, St. Louis, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Central Bank of Kansas City, to assume all of the deposits of Gateway Bank of St. Louis.

The sole branch of Gateway Bank of St. Louis will reopen on Saturday as a branch of Central Bank of Kansas City. Depositors of Gateway Bank of St. Louis will automatically become depositors of Central Bank of Kansas City. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until Central Bank of Kansas City can fully integrate the deposit records of Gateway Bank of St. Louis.

This evening and over the weekend, depositors of Gateway Bank of St. Louis can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 25, 2009, Gateway Bank of St. Louis had total assets of $27.7 million and total deposits of approximately $27.9 million. Central Bank of Kansas City did not pay the FDIC a premium for the deposits of Gateway Bank of St. Louis. In addition to assuming all of the deposits of the failed bank, Central Bank of Kansas City agreed to purchase essentially all of the assets.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-405-8124. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; and thereafter from 8:00 a.m. to 8:00 p.m., CST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/gateway-mo.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $9.2 million. Central Bank of Kansas City's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Gateway Bank of St. Louis is the 119th FDIC-insured institution to fail in the nation this year, and the third in Missouri. The last FDIC-insured institution closed in the state was First Bank of Kansas City, Kansas City, on September 4, 2009.

Prosperan Bank, Oakdale, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Alerus Financial, National Association, Grand Forks, North Dakota, to assume all of the deposits of Prosperan Bank.

The three branches of Prosperan Bank will reopen during their normal business hours as branches of Alerus Financial, N.A. Depositors of Prosperan Bank will automatically become depositors of Alerus Financial, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Alerus Financial, N.A. can fully integrate the deposit records of Prosperan Bank.

This evening and over the weekend, depositors of Prosperan Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of August 31, 2009, Prosperan Bank had total assets of $199.5 million and total deposits of approximately $175.6 million. Alerus Financial, N.A. will pay the FDIC a premium of 1.02 percent to assume all of the deposits of Prosperan Bank. In addition to assuming all of the deposits of the failed bank, Alerus Financial, N.A. agreed to purchase approximately $173.9 million of the failed bank's assets.

The FDIC and Alerus Financial, N.A. entered into a loss-share transaction on approximately $173.9 million of Prosperan Bank's assets. Alerus Financial, N.A. will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-405-6318. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; and thereafter from 8:00 a.m. to 8:00 p.m., CST. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/prosperan.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $60.1 million. Alerus Financial, N.A.'s acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Prosperan Bank is the 118th FDIC-insured institution to fail in the nation this year, and the sixth in Minnesota. The last FDIC-insured institution closed in the state was Riverview Community Bank, Ostego, on October 23, 2009

Of the 117 banks that have failed so far this year, about 21 have been in Georgia -- that's about 18% -- pretty good for just one of 50 states. By golly, I'm glad these good country bankers are not infected by the same greed bug that hit the big city boys ---- you know, you can't trust them city fellers!

Home Federal Savings Bank, Detroit, Michigan, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Liberty Bank and Trust Company, New Orleans, Louisiana, to assume all of the deposits of Home Federal Savings Bank.

The two branches of Home Federal Savings Bank will reopen during their normal business hours as branches of Liberty Bank and Trust Company. Depositors of Home Federal Savings Bank will automatically become depositors of Liberty Bank and Trust Company. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Liberty Bank and Trust Company can fully integrate the deposit records of Home Federal Savings Bank.

This evening and over the weekend, depositors of Home Federal Savings Bank can access their money by writing checks. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 24, 2009, Home Federal Savings Bank had total assets of $14.9 million and total deposits of approximately $12.8 million. Liberty Bank and Trust Company did not pay a premium to assume all of the deposits of Home Federal Savings Bank. In addition to assuming all of the deposits of the failed bank, Liberty Bank and Trust Company agreed to purchase essentially all of the assets.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-866-782-1969. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/homefsb-mi.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.4 million. Liberty Bank and Trust Company's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Home Federal Savings Bank is the 117th FDIC-insured institution to fail in the nation this year, and the third in Michigan. The last FDIC-insured institution closed in the state was Warren Bank, Warren, on October 2, 2009.

United Security Bank, Sparta, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Ameris Bank, Moultrie, Georgia, to assume all of the deposits of United Security Bank.

The two branches of United Security Bank will reopen during their normal business hours as branches of Ameris Bank. This includes the branch in Woodstock, Georgia, that operated as the Bank of Woodstock also is part of today's transaction. It, too, will re-open as a branch of Ameris Bank. Depositors of United Security Bank will automatically become depositors of Ameris Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until Ameris Bank can fully integrate the deposit records of United Security Bank.

This evening and over the weekend, depositors of United Security Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 14, 2009, United Security Bank had total assets of $157 million and total deposits of approximately $150 million. Ameris Bank will pay the FDIC a premium of 0.36 percent to assume all of the deposits of United Security Bank. In addition to assuming all of the deposits of the failed bank, Ameris Bank agreed to purchase essentially all of the assets.

The FDIC and Ameris Bank entered into a loss-share transaction on approximately $123 million of United Security Bank's assets. Ameris Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-866-782-1897. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/unitedsecurity-ga.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $58 million. Ameris Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. United Security Bank is the 116th FDIC-insured institution to fail in the nation this year, and the twenty-first in Georgia. The last FDIC-insured institution closed in the state was American United Bank, Lawrenceville, on October 23, 2009.

Wednesday, November 4, 2009

O.K., now even Maine has decided some citizens do not deserve civil rights.

After eight years of destructive wars, a lousy economy, a crash, and a "bailout" engineered by the REPUBLICAN Bush administration, folks in N.J and Va. have decided to put the folks who caused all the problems BACK IN OFFICE!

That's just unbelievable.

Of course, folks who supported Obama, the ones who voted for the first time, or who vote infrequently, did not show up to vote this time -- so, we're back to the same old, same old.

No change is possible if you are not given the time to implement it.

I'm just so disgusted with the constant class warfare -- the rich against the poor, with the rich winning, convincing the poor (or soon to be poor) to vote against their best interests.

We've become so dumbed down we often can't even identify our self interest.

Sunday, November 1, 2009

Nov. 2 (Bloomberg) -- Nobel Prize-winning economist Joseph Stiglitz said the world’s biggest economy is suffering because of the U.S. government’s failure to nationalize banks during the financial crisis.

“If we had done the right thing, we would be able to have more influence over the banks,” Stiglitz told reporters at an economic conference in Shanghai Oct 31. “They would be lending and the economy would be stronger.”

Stiglitz has stuck with his view even after the U.S. economy returned to growth in the third quarter and as banks’ share prices climbed this year.

U.S. Treasury Secretary Timothy Geithner, appearing yesterday on NBC’s “Meet the Press” program, said the country’s economic recovery hinges in part on banks taking more risk and restoring the flow of credit to businesses.

“The big risk we face now is that banks are going to overcorrect and not take enough risk,” Geithner said. “We need them to take a chance again on the American economy. That’s going to be important to recovery.”

President Barack Obama said on Oct. 24 that the nation’s lenders, supported by taxpayers in the crisis, need to “fulfill their responsibility” by lending to small businesses still struggling to get credit.

Companies such as Citigroup Inc. and Bank of America Corp. benefited from a $700 billion taxpayer-funded bailout package last year. In contrast, Obama said that too many small businesses are still short of money, adding that his administration will “take every appropriate step” to encourage banks to lend.

Bank Lending

“We have this very strange situation today in America where we have given banks hundreds of billions of dollars and the president has to beg the banks to lend and they refuse,” Stiglitz said. “What we did was the wrong thing. It has weakened the economy and has increased our deficit, making it more difficult for the future.”

While the U.S. economy grew at a 3.5 percent annual rate in the third quarter, the first expansion in more than a year, the Columbia University economist said the recession is “nowhere near” its end, citing rising unemployment and weak demand.

The U.S. government plans to alter the way that a similar rescue would be handled in the future. Draft legislation proposes that banks, hedge funds and other financial firms holding more than $10 billion in assets would pay to rescue companies whose collapse would shake the financial system.

Citigroup and Bank of America shares have quadrupled from this year’s lows in March.

To contact the reporter on this story: Judy Chen in Shanghai at xchen45@bloomberg.net

Well, I reported that CIT was declaring bankruptcy on 10/26. They dithered, hemmed and hawed, until 11/1 (today). This according to the New York Times. This is another big deal, and a sign we are not "out of the woods" quite yet.

November 1, 2009, 2:15 pmCIT Group

Update | 3:46 p.m. Three months ago, the CIT Group barely averted what it considered to be a ruinous bankruptcy filing that would likely have put the 101-year-old lender out of business.

On Sunday afternoon, the company filed for Chapter 11 — but under a so-called prepackaged bankruptcy plan that will enable it to emerge from court protection by the end of the year, under the control of its debtholders. (Read the filing after the jump.)

The filing, made in a Manhattan federal court, will still mean much pain for many parties, beginning with taxpayers. CIT received $2.3 billion in government aid last year, a bailout that came in the form of preferred stock. That will almost certainly be wiped out in the bankruptcy process, the first realized loss in the government’s rescue of the financial system.

While several firms that have received bailout money, including Goldman Sachs and Morgan Stanley, have repaid the government, others — including the American International Group, General Motors and Chrysler — are expected to lead to losses.

CIT’s filing will test whether a financial company can survive the Chapter 11 process. Bankruptcy has long been considered a death knell for lenders, whose very existence depends on the confidence of its creditors and customers. The company’s struggles have been watched with interest and trepidation by analysts and the thousands of small and mid-sized businesses that borrow from CIT.

CIT was the nation’s largest provide of what is known as factoring, a type of lending used heavily by retailers. The company has spent months trying to reassure its clients that it will remain open for business as stores ramp up for the holiday season. Relatively few other companies serve as factors, and among them are other embattled lenders like GMAC.

Sunday’s filing caps months of efforts by CIT to stay alive. After being denied another bailout by the federal government, the company bargained with its creditors over a restructuring plan that would keep it operating and cut $10 billion in unsecured debt.

“The decision to proceed with our plan of reorganization will allow CIT to continue to provide funding to our small business and middle market customers, two sectors that remain vitally important to the U.S. economy,” Jeffrey M. Peek, CIT’s outgoing chairman and chief executive, said in a statement. “This market-based solution allows CIT to enter into the reorganization process well-prepared and positioned for a swift emergence.”

While CIT had hoped to stay out of bankruptcy court through a bond exchange offer, that plan failed to win enough support from bondholders, the company said in a statement.

With $71 billion in assets and nearly $65 billion in liabilities, CIT is among the largest corporate bankruptcies on record, though it is dwarfed by the likes of Lehman Brothers and Washington Mutual. The company said in its bankruptcy petition that it had $800 million in bonds maturing from Sunday through Tuesday.

CIT said that only its holding company will file for bankruptcy, and that most of its important operating subsidiaries, including its Utah bank, will continue to operate normally.

Mr. Peek, the architect of its push to grow beyond its sleepy industrial-lending roots into a major new financial player, will step down by the end of the year. People briefed on the matter said the search for his replacement is ongoing and ultimately remains up to the company’s new board of directors.

Bondholders will receive about 70 cents on the dollar through the prepackaged bankruptcy, though the company warned that investors could receive as little as 6 cents on the dollar in the alternative, a free-fall bankruptcy that lacked a pre-approved reorganization plan.

Last month, CIT unveiled its debt exchange offer, which would have let bondholders tender their holdings for new, longer-dated bonds and preferred stock. But it also began soliciting votes for the prepackaged bankruptcy option. Under federal bankruptcy law, approval of such a plan requires the support of more than 51 percent of the number of creditors voting and more than two-thirds of the dollar value of those bonds.

CIT said in a statement that about holders of about 85 percent of its $30 billion in bond debt participated in the voting. Those investors voted almost unanimously to support the prepackaged bankruptcy plan.

Last week, the company secured several important agreements to aid its prepackaged bankruptcy plan. It obtained a $4.5 billion loan from several investors, including bondholders who lent it $3 billion earlier this summer. It also reached an accord with Goldman Sachs that would preserve a $2.13 billion loan even through bankruptcy protection, while paying only a portion of a $1 billion termination fee.

CIT also ended a fight with Mr. Icahn, who had offered to pay bondholders 60 cents on the dollar if they rejected the company’s prepackaged bankruptcy offering. Mr. Icahn instead offered a $1 billion loan, although people close to CIT said the company does not expect to use the financing.

The company will be represented in bankruptcy by the investment bank Evercore Partners, the law firm Skadden, Arps, Slate, Meagher & Flom and the turnaround consulting firm FTI Consulting.

About Me

I'm just another old woman who has had wide ranging interests for a long time,
These include fishing, shooting, reading, cooking, and all manner of (mostly) left wing politics.
Born and bred in New York - Queens, to be precise - I now live in Texas, another state that folks seem to attack (like N.Y.) without ever having been here.
I'm also a fan of most sports -- esp. baseball, esp. the New York Yankees.
Originally a New York Giants (baseball) fan, I was crushed when they moved. It took many years wandering in the wilderness before I returned to baseball. I's all Wade Boggs fault. When I watched that artist, my love for baseball resurfaced. Since he was then a Yankee -- it had to be the Yankees.
The Mets pretended they had spiritual ties to the old Brooklyn Dodgers - no Giant fan could go there.
I tried - couldn't do it.